Vietnam Wine Market Overview: Developing Rapidly From A Low Base

摘要

Vietnam’s rapid economic growth, the expansion of households’ disposable income levels, combined with a large youthful consumer base, are driving greater levels of spending on alcohol, which is leading to greater wine consumption in the country. The negative global economic impact of Covid-19 will feed through to Vietnamese consumers' purchasing habits in the short term, but we believe the consumer fundamentals, as outlined above, will lead to further demand growth for wine in the medium term (2020-2024). Vietnamese consumers prefer red wines over white, and with the recent entry of New World wines into the country, this preference will continue over the near term.